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    income-tax

    0.1.0 • Public • Published

    Income Tax Calculator - UK (2018/2019)

    Calculate the amount of payable tax on a UK income for tax years 2018/2019.

    Note: This library is still in the early stages of development and some functionality may be untested / undocumented.

    Personal Allowance

    Your personal allowance is the amount of income allowed before tax. The most common allowance is £11,850, so for an income of £75,000 only £63,150 would be taxable.

    The allowance is calculated based on the amount of income before tax:

    • 0 - £100,000 - £11,850
    • £100,000 - £127,300 - £1 less than £11,850 every £2 above £100,000 until £0
    • £100,000+ - £0

    If you're registered blind you'll get an additional allowance of £2390.

    Income Tax

    Tax is calculated from your taxable income and is calculated at different rates for certain income brackets:

    • £0 - £11,850 - 0%
    • £11,851 - £46,350 - 20%
    • £46,351 - £150,000 - 40%
    • more than £150,000 - 45%

    So for an income of £75,000, £63,150 is taxable, you pay £6900 of tax at 20%, £11,460 at 40%, whilst nothing at 45% meaning tax payable is £18,360 so your net is £56,440.

    Reference

    IncomeTax

    IncomeTax is a class which can be invoked to calculate different income tax factors.

    Parameters:
    • income (number) the amount of income before tax or deductions
    • opts (object) optional parameters to adjust the calculations
      • isBlind (boolean) incorporate blind person allowance?
    Example
    // import dependency
    var IncomeTax = require('income-tax-calculator');
     
    // Initialise the IncomeTax object
    var incomeTax = new IncomeTax(75000);
     
    // output the tax breakdown report
    console.log(incomeTax.calculateIncomeTax());
     
    /*
    {
        gross: 75000,
        taxable: 63150,
        net: 56640,
        allowance: 11850,
        tax20: 6900,
        tax40: 11460,
        tax45: 0,
        total: 18360
    }
    */

    Install

    npm i income-tax

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    Version

    0.1.0

    License

    MIT

    Unpacked Size

    23.2 kB

    Total Files

    18

    Last publish

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